QUESTIONS?
WE HAVE ANSWERS.
Who owns RealtyPeople?
Michael Gorman is the founder of Realty People and is the managing broker and owner of the company. You can contact him directly at [email protected].
Your company is new. Given that, do you have experience?
Definitely yes. Mr. Gorman has more than two decades of real estate experience, having completed or supervised over $2 billion in transactions. And our team has years of additional experience in helping buyers and sellers at price points from $12,000 to $5.5 million.
What if I’m unhappy with the service I receive from RealtyPeople? Can I get a refund of my $500?
We stand by the quality of our representation, advice, and home marketing. If we’ve fallen short, simply request a refund. (Terms and conditions apply.)
Are your personnel fully licensed?
Yes. Realty People personnel are fully licensed as brokers or salespeople in the jurisdiction in which they work. They’re also required to complete all continuing education requirements to keep their licenses in good standing on an ongoing basis.
Are you a member of the National Association of Realtors (NAR)?
Yes. We are members of NAR. As members, we work to abide by the organization’s professional and ethical standards. We are also members of local Realtor organizations such as the Virginia Association of Realtors (VAR) and the Northern Virginia Association of Realtors (NVAR).
Are you insured?
RealtyPeople carries an Errors & Omissions (E&)) insurance policy as is common for brokerages in our industry. We also carry standard liability insurance coverage.
In working with RealtyPeople, will I have access to homes listed by other real estate brokerages?
Yes. We have access to all homes listed on the Multiple Listing Service (MLS) — the central database on which nearly every local brokerage posts their properties for sale. We also have the ability to identify homes not on the MLS which may be available for purchase.
We’ve heard that with regulatory changes, some sellers are no longer paying buy-side commissions. Can Realty People still represent me as a buyer, and what is the cost?
It’s true that some listings, sellers are not offering to pay for the buyer’s representation. If that is the case, we can simply write our 1% fee into the contract as a seller subsidy. Seller subsidies are common and are widely accepted. The buyer would incur no out-of-pocket cost.
If a seller is offering a buy-side commission more than the 1% charged by Realty People, what happens?
When we represent a buyer, any buy-side commission received by the seller (over and above our fee) is rebated back to you, the buyer client. For example, if you purchase a property where the seller is offering a 2.5% buy-side commission, we would collect our 1% fee and rebate the remaining 1.5% back to you. It’s a lot of extra money in your pocket!
How long is the buyer agreement? Can I cancel?
Our buyer agreements are 6 months long, but you may terminate the agreement at any time for any reason. In the unlikely event that your home search takes more than 6 months, we can mutually agree to extend the agreement.
How does Realty People help me price my home?
We evaluate your home against recent sales in your neighborhood, accounting for the differences between those properties and yours. We then typically recommend a suitable price range at which to list your home. But understand that ultimately, the pricing decision is up to the homeowner.
Will my home be accessible to other brokerages (and their buyer clients)?
Yes. Your home will appear on the Multiple Listing Service (MLS) and hundreds of websites accessed by potential buyers. We work with all firms representing potential buyers and will gladly engage with them on the sale of your home.
In selling my home, what real estate commissions should I expect to pay?
In representing sellers, Realty People charges $500 upfront, plus 1% of the sales price if and when the property is sold. Additionally, we encourage sellers to offer or be open to paying a commission to buyer agents. This allows buyers to cover the cost of their representation without expending their own cash.
Must I offer a buy-side commission?
No, but it is highly recommended. Note that most buyers will utilize the services of a real estate professional to represent them, and that professional usually requires compensation for their work. Most buyers don’t have the necessary cash to pay their real estate professional directly, so they will look to the seller for assistance. Offering a fair buy-side commission shows your willingness to help the buyer in this way, potentially making your property more appealing to potential buyers. Know that if you do not offer a commission, buyers may request a seller subsidy to pay for their representation as part of an offer. We will help you evaluate those requests and help you calculate your net proceeds.
Will I pay any buy-side commission if the buyer is unrepresented?
If a buyer is able to represent themselves without assistance from RealtyPeople (properly writing their purchase offer, understanding contract language, conducting and negotiating the home inspection, and handling settlement logistics) no buy-side commission is required. However, if RealtyPeople is required to assist the unrepresented buyer (performing the tasks above) we charge an additional 1% to the seller to account for the additional effort involved.
How long is the listing agreement? Can I cancel?
Our listing agreements are 6 months long. But our seller clients can terminate their agreements at any time, for any reason. In the unlikely event that it takes more than 6 months to sell your home, we can mutually agree to extend the agreement.
